G. Willi-Food announces memorandum of agreement regarding Millstone acquisition
The memorandum of agreement provides that the Company, in conjunction with Millstone Brands Inc., will acquire a fifty percent interest in the business of the Target.
30/03/05 G. Willi-Food International Ltd., one of Israel's leading distributors of kosher food products, has announced that it has executed a memorandum of agreement regarding its previously announced acquisition of a New Jersey-based distributor of ethnic food products (the "Target").
The memorandum of agreement provides that the Company, in conjunction with Millstone Brands Inc. ("Millstone"), will acquire a fifty percent interest in the business of the Target.
The memorandum of agreement provides that the Company will form a new joint venture with Millstone in which the Company and Millstone will be partners and that the Joint Venture will invest US$1,000,000 in the Business for use as working capital.
The memorandum of agreement also provides that the Company will guarantee the payment of 25% of up to US$4,500,000 in outstanding commercial bank indebtedness of the Business.
G. Willi-Food International is one of Israel's largest food importers and a single-source supplier of one of the world's most extensive ranges of quality Kosher food products. It currently imports, markets and distributes more than 400 food products manufactured by some 100 top-tier suppliers throughout the world to more than 1,000 customers. The Company excels in identifying changing tastes in its markets and sourcing high-quality kosher products to address them.
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